Thirty-Year Rate Slides, 15-Year Sets Another Record Low

The average rate for a 30-year fixed rate mortgage slid to 4.72% from 4.79% the week before and the average 15-year rate set another record low, according to Freddie Mac's Primary Mortgage Market Survey for the week ended June 10. "Following a relatively weak employment report, bond yields fell this week and mortgage rates followed," said Frank Nothaft, chief economist at Freddie Mac. He said this puts the average rate for a 30-year mortgage "near the record low set on Dec. 3, 2009 in our survey." A year ago the average rate for a 30-year FRM was 5.59%. The average 15-year rate in the latest week was 4.17%, down from 4.20% the week previous and 5.06% a year ago. The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage during the week ended June 10 was 3.92%, down from 3.94% the previous week and 5.17% a year ago. The average one-year Treasury ARM rate was 3.91%, down from 3.95% the previous week and 5.04% a year ago. Average points were 0.7 for all the aforementioned loan types except one-year Treasury ARMs, for which average points were 0.6.